Global Biodegradable Polymers Market Insights 2024, Forecast To 2033
12 Nov, 2024
The biodegradable polymers market has grown rapidly, anticipated to rise from $6.58 billion in 2023 to $7.78 billion in 2024 at a CAGR of 18.4%. Factors driving growth include the e-commerce boom, healthcare sector expansion, initiatives for circular economy practices, cosmetics industry demand, and R&D investments. The biodegradable polymers market is set for rapid growth, reaching $15.35 billion by 2028, with a CAGR of 18.5%. Growth is driven by industrialization, growing demand for eco-friendly materials, the packaging industry, sustainable packaging, and increasing environmental regulations. Trends include technological advancements, life cycle assessments, hybrid materials, 3D printing, and algae-based biodegradable polymers.
Major Driver In The Biodegradable Polymers Market
The growing adoption of cycling as an eco-friendly commuting option is expected to propel the growth of the bicycle subscription market. As awareness of environmental issues increases, more people are turning to bicycles as an alternative to motor vehicles, reducing carbon emissions and alleviating traffic congestion. Improved urban infrastructure, including bike lanes and bike-sharing programs, is making cycling more accessible. Bicycle subscription models, which offer flexible and affordable bike access, are helping to promote cycling adoption. According to the Bureau of Transportation Statistics, the value of non-motorized bicycle imports increased by over 18,000%, from $0.5 million in March 2020 to $1.0 billion in February 2023. The bicycle subscription market, valued at $900 million in 2023, is projected to reach $1.1 billion by 2024, with growth to $2.2 billion by 2028.
Request A Free Sample Of The Biodegradable Polymers Market ReportBiodegradable Polymers Market Competitive Landscape
BASF SE, Mitsubishi Chemical Group Corporation, Merck Group, Evonik Industries AG, Solvay S.A., Koninklijke DSM N.V., Smurfit Kappa Group plc, Sulzer Ltd., Toyobo Co. Ltd., Corbion N.V., Green Dot Bioplastics Inc., Kaneka Belgium N.V., Danimer Scientific Inc., Polysciences Inc., Sulapac Ltd., TIPA Corp Ltd., Natur-Tec, TotalEnergies Corbion B.V., BioBag International AS, Futerro S.A., Cereplast Inc.
Key Biodegradable Polymers Market Trend
Companies in the biodegradable polymers market are focusing on soil conditioners to improve soil structure and promote healthier plant growth. In August 2024, Hydroplan-EB launched HYB PLUS, a biodegradable polymer designed to improve rooting and reduce the need for replanting. This polymer, which enhances nitrogen levels and carbon, is aimed at improving soil health and plant development, especially during planting and transplanting.
Purchase The Global Biodegradable Polymers Market Report Directly And Get A Swift DeliveryGlobal Biodegradable Polymers Market Segmentation
The biodegradable polymers market covered in this report is segmented –
1) By Type: Starch-Based, Polylactic Acid (PLA), Polyhydroxy Alkanoates (PHA), Polyesters, Cellulose Derivatives
2) By Substrate: Paper And Paperboard, Cellulose Films, Other Substrates
3) By Application: Agriculture, Textile, Consumer Goods, Packaging, Healthcare, Other Applications
By Geography:The regions covered in the biodegradable polymers marker report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Asia-Pacific was the largest region in the biodegradable polymers market in 2023. Europe is expected to be the fastest-growing region in the forecast period.
The Biodegradable Polymers Global Market Report 2024 furnishes information about the global biodegradable polymers market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.